world’s largest cryptocurrency Changpeng Zhao (CZ), CEO of the exchange Binance, expressed his thoughts on the regulation of cryptocurrencies in his statement.
Binance CEO Exemplifies EU and UK Approach to Cryptocurrencies
CZ quoted the news shared by the US research organization Brookings recently, describing the EU and UK’s perspective on digital asset markets. CZ stated that he strongly supports the two regions’ approach to the cryptocurrency market.
Brookings described the UK and EU’s perspectives on the crypto market as follows:
“The European Union (EU) and the United Kingdom (UK) lead the regulation of digital markets and content with the Digital Markets Act and Digital Services Act in the EU, and the Digital Markets, Competition and Consumer Bill and the Online Security Bill in the UK. .
Both approaches are based on the Obligation of Care, which holds service providers responsible for the negative effects of the services they provide.
Risk-based auditing is used to identify and mitigate potential losses, and companies are expected to make their own analysis of their products and services.
Risk-based auditing is used to identify and mitigate potential losses, and companies are expected to conduct their own analysis of their products and services.”
Strong support for UK and EU’s approach to digital market policy in the @brookingsinst report.
Industries like crypto benefit from consistent and clear regulations. We need collaboration to get there.
some thoughts 🧵
— CZ 🔶 Binance (@cz_binance) March 16, 2023
CZ had this to say about the approach Brookings reported:
“Industries like crypto benefit from consistent and clear regulations. For this we need cooperation.
Competition encourages innovation. Well-developed, risk-based policies will help foster a competitive environment. Innovation must be conducted responsibly to protect users.
The industry needs constant progress from both sides. Policy makers should be active in introducing coherent and clear regulations. Digital platforms like crypto exchanges must continue to do the right thing and always put users first.
We hope that the approach adopted by the EU and the UK will set an example for other countries.”
*Not investment advice.
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